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MOST REQUESTED COVERAGE’S
Auto Liability, Motor Truck Cargo Coverage, Commercial General Liability, Medical Payments, Uninsured Motorist, Underinsured Motorist
Personal Injury Protection (PIP), Owned Auto, Non-Owned Auto, Hired Auto, Collision Coverage, Comprehensive Coverage and Trailer Interchange
Louisiana Commercial Truck Insurance: Requirements and Overview
In Louisiana, the transportation of goods in commercial vehicles (trucks) is a major economic activity. The movement of freight and delivery of materials to businesses and consumers is a major component of the state economy. As such, commercial truckers are required to carry specific types of insurance coverage in order to operate legally in the state of Louisiana. Lets take a look at an overview of the requirements for Louisiana commercial truck insurance, as well as practical guidance and advice on selecting the right insurance coverage for your specific needs.
What Is Louisiana Commercial Truck Insurance?
Louisiana Commercial Truck Insurance (LCTI) is an important type of insurance coverage that truckers must be able to obtain in order to operate legally in Louisiana. The insurance is provided by a variety of different companies and provides a range of benefits, depending on the coverage chosen by the trucker. In most cases, LCTI covers bodily injury and property damage arising out of a trucking accident. In addition, LCTI also provides protection for any costs associated with cargo loss or damage, as well as liability for environmental harm caused by the trucking operation.
Who Needs Louisiana Commercial Truck Insurance?
LCTI is required for any person who operates a commercial truck in Louisiana. This includes private companies, independent contractors, and owner-operators who transport goods within the state or to other destinations. LCTI is also required for any company that hires drivers to operate their vehicles. Furthermore, any company that owns or leases a commercial vehicle must also have LCTI coverage in place at all times.
What Does Louisiana Commercial Truck Insurance Cover?
LCTI coverage usually includes liability insurance for both bodily injury and property damage – this coverage provides protection for anyone injured or whose property is damaged due to the negligence of the insured. It also pays for the defense costs if the insured driver is sued due to an accident or collision. Furthermore, cargo coverage typically provides coverage for property damage resulting from an accident, regardless of fault. This can include lost or damaged cargo due to collision, fire, theft, or other causes.
In addition, environmental damage coverage may be included in some policies. This coverage helps pay for the costs associated with cleanup and restoration following an oil spill or other environmental pollution caused by a trucking accident. It can also pay for third-party property damage caused by pollution resulting from the trucking operation.
Finally, trailer interchange coverage provides reimbursement for damages sustained while loading and unloading trailers owned by the insured at an authorized terminal location. This coverage helps protect against losses due to theft or property damage when the trailer is not in use.
What Are the Requirements for Louisiana Commercial Truck Insurance?
In order to operate legally in Louisiana, all truckers must carry at least minimum liability insurance coverage as set forth by the state. The minimum limits vary depending on the type of vehicle operated and are outlined below:
• Private non-commercial vehicles: $25,000 per person/$50,000 per accident for bodily injury; $25,000 per accident for property damage.
• Trucks carrying hazardous materials: $100,000 per person/$200,000 per accident for bodily injury; $100,000 per accident for property damage.
• Vehicles with a Gross Vehicle Weight Rating (GVWR) greater than 10,000 pounds: $300,000 per person/$500,000 per accident for bodily injury; $300,000 per accident for property damage.
It is important to note that these minimum limits are simply that – minimums. Most insurers recommend carrying much higher limits in order to properly insure against potential claims and expenses related to a trucking accident. It is also important to remember that many states have higher limits for trucks carrying hazardous materials – make sure you check with your insurer regarding any additional requirements before operating in those states.
In addition to minimum liability limits, all trucks must be insured against environmental damages, fire and theft according to their particular risk factors (i.e., depending on whether or not they transport hazardous materials). Furthermore, cargo insurance is typically required to protect against loss or damage due to a collision or other cause; this coverage is typically required if your freight load is worth more than $20,000 (although this amount varies by insurer). Finally, trailer interchange coverage may be necessary if you plan on loading and unloading trailers owned by you at an authorized terminal location.
How Much Does Louisiana Commercial Truck Insurance Cost?
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The cost of LCTI depends on several factors including the type and amount of coverage needed; the type of vehicle being operated; its size and weight; its age; its mileage; and its risk factors (e.g., if it carries hazardous materials). Generally speaking, LCTI premiums tend to be significantly lower than those for regular auto insurance because of the extra protection that is provided for commercial purposes. For example, premiums for cargo protection are typically much lower than those for regular auto policies due to the fact that cargo loss causes less financial burden than personal injury claims do.
Furthermore, many insurers offer discounts and incentives to encourage safe operations. These can include reduced premiums for clean driving records; discounts for certain types of safety equipment; incentives for using GPS-tracking systems; and discounts for having multiple vehicles insured under one policy. Additionally, many insurers provide periodic reviews of their policies – this can result in lower premiums if your operation has improved over time in terms of safety practices and/or compliance with regulatory standards.
Finally, every insurer is different so be sure to do your research when shopping around for the best rates and coverage options available – reach out to multiple insurers in order to get quotes and compare coverage options side-by-side. This will ensure you get the most comprehensive policy at the best price possible.
Below are the classifications of commercial big rig trucking policies.
• Symbol 1 – Any auto, don’t have to schedule them. Covers any auto as long
as the insured is using it. (This is rare nowadays especially for Big Rig Trucks))
• Symbol 2 – Any owned auto. Covers only autos that the insured owns.
Includes autos you acquire ownership of after the policy begins.
• Symbol 3 – Owned private passengers autos only. Covers private passenger
autos. Includes autos you acquire after the policy begins.
• Symbol 4 – Owned autos other than private passenger autos only. Covers only
those autos you own that are not private passenger and for liability for trailers
you don’t own while attached to power units you own. Includes those autos
not of the private passenger type you acquire after the policy begins.
• Symbol 5 – Owned autos. Subject to No Fault State.
• Symbol 6 – Owned autos. Subject to Compulsory Uninsured Motorist Law.
Form you attach when the state requires and insured can not reject uninsured
motorist coverage. It includes autos you acquire during the policy period after
the policy begins.
• Symbol 7 – Specifically described autos. Covers only described autos.
Coverage follows power unit. Non owned trailers have liability with this form. (Most common for Big Rig, Box Trucks and other For-Hire operations)
• Symbol 8 – Hired Auto Only. Covers auto you lease, hire, rent or borrow.
This does not include any auto you lease, hire, rent or borrow from any of your
employees, partners or members, etc.
• Symbol 9 – Non-Owned Autos Only – Coverage auto you do not own, lease,
hire, rent or borrow that are used in connection with your business. Includes
auto owned by your employees, partners, members, etc.
We can easily insure the following Louisiana business types. >Click here to get your free Louisiana Big Rig Truck Insurance Quote<
CEMENT CONTRACTING – COAL HAULING – CONSTRUCTION – COURIER SERVICE – COURTESY PASSENGER TRANSPORT – DEBRIS REMOVAL – DEMOLITION – DIRT, SAND & GRAVEL – ELECTRICIANS – EXPEDITERS – FARMING – FIREWOOD HAULING – BULK FLORIST Refrigerated DELIVERY – FOR-HIRE TRUCKING – FROZEN FOODS TRANSPORT – FURNITURE DELIVERY – GARBAGE COLLECTION – HAZARDOUS MATERIALS HAULING – HOTEL SHUTTLES – HOTSHOT TRANSPORT – ICE CREAM VENDOR – IMPOUND LOT – INTERIOR DECORATING – INDEPENDENT TRUCKING – LANDSCAPING – LEASED-ON BIG RIG TRUCKING – LINEN SUPPLY – LOGGING – LONG-HAUL TRUCKING – MOTORCYCLE DEALERSHIP – OWNER-OPERATOR – PIANO MOVING – PLUMBING – ROCK QUARRY HAULING – RECYCLING SERVICES – REFRIGERATED GOODS TRANSPORT – RETAIL FOOD MARKET – ROOFING – SHOPPING MALL DELIVERIES – SNOW PLOWING – TOW OPERATION – TREE SERVICE – WIDE LOAD HAULER – WRECKER SERVICES and much more.
Louisiana commercial truck insurance (LCTI) is an important type of insurance required by all truckers operating within Louisiana State borders. The minimum requirements set forth by the state vary depending on the type of vehicle being operated – however most insurers recommend carrying higher limits due to potential claims associated with a trucking accident.
Costs vary depending on several factors including type and amount of coverage needed; size and weight; age; mileage; risk factors; and safety equipment used – so be sure to do your research when shopping around for policies in order to get the best rate available.